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Indirect reciprocity and money
Affiliation:1. Swiss Finance Institute Professor at the Swiss Banking Institute, University of Zurich, Plattenstr. 32, 8032 Zurich, Switzerland;2. Norwegian School of Economics and Business Administration, Helleveien 30, N-5045, Bergen, Norway;3. Otto-von-Guericke-University Magdeburg, Postfach 4120, 39016 Magdeburg, Germany;1. Institute for Advanced Study in Toulouse, 31015 Toulouse, France;2. Department of Anthropology, Pennsylvania State University, University Park, PA 16802, United States;3. Department of Anthropology, University of Minnesota, Minneapolis, MN 55455, United States;4. Department of Ecology, Evolution and Behavior, University of Minnesota, St. Paul, MN 55108, United States;5. Department of Human Evolutionary Biology, Harvard University, Cambridge, MA 02138, United States
Abstract:Using an experimental analysis of a simple monetary economy as a basis, we argue that a monetary system can be more stable than one would expect from individual rationality. We show that positive reciprocity stabilizes the monetary system, provided every participant considers the feedback of his choice to the stationary equilibrium. If, however, the participants do not play stationary strategies and some participants notoriously refuse to accept money, then due to negative reciprocity their behavior will eventually induce a break-down of the monetary system.
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